Bloomberg News

GE, Greenko Plan $115 Million Investment in India Wind Farms

October 10, 2011

(Updates with Greenko’s market estimate in fourth paragraph.)

Oct. 10 (Bloomberg) -- General Electric Co., the world’s third-biggest supplier of wind turbines, announced its first investment in Indian renewable energy generation with plans to build $115 million of wind farms with Greenko Group Plc.

GE Energy Financial Services will invest $50 million and Greenko $65 million to create 500 megawatts of wind projects, enough to power 875,000 Indian homes, according to a statement on GE’s website. The deal expands GE’s $6 billion portfolio of global clean-energy investments into a country that added the most new wind capacity last year after China and the U.S.

The first 65-megawatt project, in Ratnagiri, Maharashtra state, will use Fairfield, Connecticut-based GE’s 1.6-megawatt turbines and be completed by December, it said. They will come from GE’s plant in Pune.

Greenko estimates that the country has harnessed less than 25 percent of its wind-energy potential to date, the statement said. India had about 15,000 megawatts of wind capacity as of Aug. 31, according to the Ministry of New and Renewable Energy.

GE was the third-largest supplier of wind turbines in 2010, behind Denmark’s Vestas Wind Systems A/S and China’s Sinovel Wind Group Co., according BTM Consult ApS, a Denmark-based wind industry researcher.

Greenko, based in Douglas, Isle of Man, and backed by private equity firm TPG Capital, has plans for 1-gigawatt of Indian wind capacity by 2015. It’s putting up farms in Andhra Pradesh, Karnataka and Rajasthan states, the statement said.

--Editors: Will Wade, Jasmina Kelemen

To contact the reporter on this story: Natalie Obiko Pearson in Mumbai at npearson7@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net


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